Lifetime ISA

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Lifetime ISA was one of the announcements in the Budget 2016 today, what does it mean for the next generation explained below:

Save up to £4,000 each year, and receive a government bonus of 25% – that’s a bonus of up to £1,000 a year. You can use some  or all of the money to buy your first home, or keep it until you’re 60 – it’s up to you.